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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: January 11, 2019 02:46 PM
From: Senator Patrick M. Browne
To: All Senate members
Subject: Housing Finance Agency Law - Board
 


In the near future, I intend to reintroduce legislation that was introduced as Senate Bill 339 of the 2017-18 legislative session. Cosponsors of Senate Bill 339 of last session included: Senators VULAKOVICH, RAFFERTY, MARTIN, COSTA, SCHWANK, and BREWSTER.

This legislation would amend the “Pennsylvania Housing Finance Agency Law” to include the Insurance Commissioner as a member of the board.

Current law calls for the State Treasurer, Secretary of Banking, Secretary of Public Welfare, Secretary of the Department of Community and Economic Development, one appointee from both the minority and majority leaders of the State House of Representatives, one appointee from both the minority and majority leaders of the State Senate, and six private citizen members appointed by the Governor and confirmed by the Senate.

The addition of the Insurance Commissioner to the board is of vital importance because the availability of homeowner’s insurance affects a prospective buyer’s ability to obtain a mortgage. When homeowner’s insurance is not available in certain neighborhoods and regions, it affects both the current and potential homeowners and buyers.



Introduced as SB173